The earnings call highlighted strong financial performance in 2024, with notable achievements in EPS growth, commercial loans, and wealth management. However, challenges were acknowledged in the form of elevated credit provisions and macroeconomic uncertainties. The bank remains optimistic about future growth but cautious about potential headwinds.

Company Guidance

During National Bank of Canada's Q4 2024 earnings call, the bank provided comprehensive guidance reflecting its financial performance and strategic outlook. The bank reported an earnings per share (EPS) of $2.58 for the quarter and $10.39 for the full year, achieving a 10% EPS growth and a return on equity (ROE) of 17%. It maintained a common equity tier 1 (CET1) ratio of 13.7%, while increasing its common share dividend by approximately 9% in 2024, with a further $0.04 increase effective Q1 2025. In terms of business segments, Personal and Commercial Banking earnings grew 5%, with commercial loans rising 14% in Q4. Wealth Management achieved 12% net earnings growth, and Financial Markets saw an 18% increase in net earnings for the full year. The bank projected mid-single-digit EPS growth for 2025, considering the challenging credit environment and the impact of the global minimum tax on its European operations. Furthermore, the bank is progressing with the acquisition of Canadian Western Bank, anticipating early 2025 completion, which is set to bolster its domestic growth strategy.

Strong EPS and ROE Performance

National Bank reported earnings per share of $2.58 for Q4 2024 and $10.39 for the full year, with EPS growth of 10% and a return on equity (ROE) of 17%.

Robust Commercial Loan Growth

Commercial loan growth was strong, up 14% for Q4 and 13% for the year, driven by insured residential real estate and broad-based growth across industries and geographies.

Wealth Management Success

Wealth Management delivered 12% net earnings growth in 2024 with strong deposit growth volumes and asset growth supported by market appreciation and client acquisition.

Financial Markets and Credigy Performance

Financial Markets grew net earnings by 18%, leveraging expertise in select areas. Credigy had a strong year with net income growth of 10% and investment volumes exceeding USD 3 billion.

ABA Bank Growth

ABA Bank showed strong growth with loans up 11% year-over-year in Q4 and client base growth of 29% year-over-year, translating into deposit growth of 19%.

Record Revenue and Pre-Tax Pre-Provision Earnings

In 2024, the bank achieved record revenue, pre-tax pre-provision earnings, and net income, each representing double-digit growth year-over-year.

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National Bank of Canada (NTIOF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NTIOF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 29, 2018	2018 (Q3)	- / 1.06	0.962	10.07% (+0.10)	―	―
Dec 05, 2018	2018 (Q4)	- / 1.06	0.968	9.29% (+0.09)	―	―
Feb 27, 2019	2019 (Q1)	- / 1.04	1.024	1.35% (+0.01)	―	―
May 30, 2019	2019 (Q2)	- / 1.04	1.003	4.14% (+0.04)	―	―
Aug 28, 2019	2019 (Q3)	- / 1.15	1.058	8.50% (+0.09)	―	―
Dec 04, 2019	2019 (Q4)	- / 1.17	1.058	10.46% (+0.11)	―	―
Feb 27, 2020	2020 (Q1)	- / 1.18	1.038	13.33% (+0.14)	―	―
May 26, 2020	2020 (Q2)	- / 0.70	1.045	-33.11% (-0.35)	―	―
Aug 26, 2020	2020 (Q3)	- / 1.15	1.148	0.00% (0.00)	―	―
Dec 02, 2020	2020 (Q4)	- / 1.17	1.169	0.00% (0.00)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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NTIOF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 04, 2024	$99.21	$95.52	-3.72%
Aug 28, 2024	$87.66	$91.84	+4.77%
May 29, 2024	$80.65	$82.68	+2.52%
Feb 28, 2024	$73.80	$75.39	+2.15%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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